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Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 6 – Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Components of property and equipment included in the consolidated balance sheets are as follows:

		December 31,
(dollars in thousands)		2019				2018
Land		$	11,531			6,827
Buildings			24,136			24,064
Leasehold improvements			4,486			2,899
Furniture and equipment			10,219			8,890
Software			367			329
Construction in process			939			281
Accumulated depreciation and amortization			(12,705	)		(10,860	)
Property and equipment, excluding ROU assets			38,973			32,430
ROU assets			19,505			-
Total property and equipment		$	58,478			32,430

During 2019, the Company purchased property for the construction of a new bank headquarters in Greenville, South Carolina which resulted in a $4.7 million increase in land.

Construction in process at December 31, 2019 included costs associated with the new bank headquarters, while the balance at December 31, 2018 included costs associated with the upfit of leased office space in Greensboro, North Carolina. Depreciation and amortization expense for the years ended December 31, 2019 and 2018 was $1.9 million and $1.8 million, respectively. Depreciation and amortization are charged to operations utilizing a straight-line method over the estimated useful lives of the assets. The estimated useful lives for the principal items follow:

Type of Asset		Life in Years
Software		3
Furniture and equipment		5 to 7
Leasehold improvements		5 to 15
Buildings		40

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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